When you are leaving a job where you have contributed to a 401(k) plan, you have three options:
- Cash out your 401(k)
- Keep it in your current plan
- or move it to another qualified retirement account
A qualified retirement account could be your new employer’s 401(k), a Traditional IRA or a Roth IRA. The movement of our 401(k) to this account is called a rollover. If you are facing this decision, consider performing a 401(k) rollover to IRA to take advantage of the opportunity to grow your account in a safe money vehicle with market like growth and an opportunity to turn on a guaranteed income stream in retirement. Goss Associates takes pride in being a Rollover specialist working with accounts that insure your principle against any unforeseen risk.
After 59 1/2, qualified accounts will allow you to withdraw money without a penalty. All withdrawals from 401k and traditional IRA’s are a taxable event, as these accounts have not been taxed yet. Roth IRA’s are excluded from Required Minimum Distributions as well as ALL withdrawals are tax free. If you are uncertain on what to do, please fill out the form below and someone will get back to you within 24 hours.